Business leaders to accompany Yoon on Czech state visit

A group of South Korean business leaders is expected to accompany President Yoon Suk Yeol on his visit to the Czech Republic in September 2024 as part of an economic delegation.

According to sources from political and business circles on Sunday, SK Group Chairman Chey Tae-won, who is also chairman of the Korea Chamber of Commerce and Industry, is expected to join the economic delegation for the visit scheduled for mid-to-late September.

Samsung Electronics Co. Executive Chairman Jay Y. Lee and LG Group Chairman Koo Kwang-mo are also reported to be part of the delegation. Hyundai Motor Group will likely be represented by Hyundai Motor Co. President Chang Jae-hoon instead of Executive Chairman Euisun Chung, according to the sources.

The visit by the heads of major conglomerates to the Czech Republic aims to expand economic cooperation between the two countries.

When a Korean public-private team led by Korea Hydro & Nuclear Power Co. was selected as the preferred bidder for the Central European country’s nuclear power project in July 2024, the joint team called on the Czech government to expand bilateral cooperation in advanced industries as well, such as semiconductors, artificial intelligence (AI), and biotechnology.

Yoon is expected to sign a Trade and Investment Promotion Framework (TIPF) agreement with the Czech Republic during his upcoming visit. Companies involved in the new Czech nuclear power plant project are also expected to join the delegation alongside the four major conglomerates.

The presidential office said earlier that it would also assist the companies involved in the Czech nuclear project to ensure there are no delays. The statement came in response to concerns about U.S. interference in the project.

“The government is in discussions with the U.S. government through various channels to support the smooth resolution of disputes between the two countries‘ nuclear companies,” the office said. “We will continue to closely consult with the U.S. side under our strong Korea-U.S. alliance to ensure there are no obstacles to our nuclear power export to the Czech Republic,” it added.

U.S. nuclear power company Westinghouse Electric Company LLC filed a lawsuit in a U.S. federal court in October 2022, claiming that the Korean nuclear technology used its source technology and seeking to block exports without U.S. government approval.